How much do taxes bring to Minnesota?
Some gubernatorial candidates say raising taxes should be part of the solution to righting a deficit expected to run into the billions of dollars. Here's a rough estimate of what tax increases in each category might yield per year, based on recent economic forecasts:
Individual income tax
A rate increase of .10 percent would bring:
• Lowest rate (5.35 percent): $45 million
• Middle rate (7.05 percent): $34 million
• Top rate (7.85 percent): $27 million
• Surtax of 10 percent across-the-board: $680 million
Corporate franchise tax
Increase rate .10 percent: $6 million
Increase minimum fees by 50 percent: $30 million